Bitcoin (BTC) has been consistently hitting new all-time highs (ATH) recently. Coinciding with this surge, Bitcoin mining difficulty has also reached a record high, reflecting the network’s development.
Overall, the combination of BTC’s ATH, elevated mining difficulty, and Long-Term Holders (LTH) behavior paints an optimistic picture, though risks remain.
ATH Price, ATH Mining Difficulty
According to data from Blockchain.com, Bitcoin mining difficulty has increased by 7.96%, reaching 126.27 T, with a seven-day average network hashrate of 908.82 EH/s. This figure shows the growing computational power of miners, especially as Bitcoin‘s price recently touched $122,000.
If this trend persists, it could reduce miners’ efficiency, particularly given the lackluster mining results in June.
Bitcoin network difficulty. Source: Blockchain
However, a notable upcoming adjustment is the next Bitcoin mining difficulty change, projected to decrease by 6.69% on July 27, 2025. This could be a positive signal for miners, optimizing their operational efficiency.
Furthermore, the Glassnode chart, shared by NekoZ on X, offers deep insights into Long-Term Holders (LTH) behavior. Their realized profit has surged to $108,400, with a profit ratio of 357% in July 2025. Their average cost basis remains significantly lower than the current price.
Behavior of long-term holders (LTH). Source: NekoZ
This suggests that most LTHs have no intention of selling off, even as BTC reaches ATHs. From 2022 to now, the chart indicates that high-profit phases (such as 296% in mid-2024) often accompany sustainable price rallies. This reinforces the view that the current market is not yet saturated.
Yet, a thought-provoking factor is the low Google search interest in Bitcoin, which remains subdued and shows little improvement compared to previous bull markets. This could reflect investor maturity, shifting from Fear of Missing out (FOMO) to a long-term strategy rather than short-term speculation.
Overall, the synergy of BTC’s ATH, high Bitcoin mining difficulty, and LTH holding behavior creates an encouraging yet risky outlook. With global liquidity rising (as M2 in the US, China, and Europe also hits an ATH), Bitcoin holds significant short-term potential.
Global liquidity. Source: Rekt Fencer
However, investors should closely monitor key indicators like hashrate, Bitcoin mining difficulty adjustments, and market sentiment to mitigate risks from potential price corrections.
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